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International Takaful Summit Masterclass 2009 Marketing Non-EU Takaful products in the EU

Anne Foster, Lovells LLP

Lovells LLP

Introduction • General issues • Sample jurisdictions – UK, France and Spain


General Issues • Location of target market • Direct marketing permissible? •

regulatory requirements

• Location of Takaful vehicle • •


regulatory requirements tax

Marketing products in the UK • Financial Services and Markets Act 2000 ("FSMA") • Carrying on a "regulated activity" in the UK – FSA authorisation required


UK Options • Establish a new operation in the UK • Operate through existing UK vehicle • Distribution through FSA authorised intermediary


European approaches: France •

Still at an early stage


Will have to operate in existing framework


European approaches: Spain • Will apply same regime as conventional insurance • Spanish vehicle required – parent must have been authorised by home regulator and written same classes of business for at least 5 years


Conclusion • A presence in an EU jurisdiction required BUT • Gain benefit of "passporting" regime


Anne Foster: Marketing Non-EU Takaful products in the EU  

Takaful Masterclass: Lovells LLP